According to Realtor data, housing in Spokane, Washington, has increased by 42.175 percent since April 2019. The current sales price is 2.13 percent higher than the asking price.
As inflation continues to hammer the country and the city, housing costs will continue to grow. Rising inflation may make it difficult for the Spokane housing market to remain competitive for local house purchasers.
Things are expected to continue to rise, barring a recession or other economic issues that our country faces. We need to know a few facts regarding the housing market and the city's development.
Housing costs have increased by more than 40%. Between 2019 and 2022, the city grew by roughly 5%. This isn't a massive increase in population. The population that is moving to Spokane, on the other hand, is what makes the difference.
Who is relocating to Spokane?
"The phrase we have for those who move to Spokane from Seattle, Portland, San Francisco, and Los Angeles is "Tech Refugees," according to Spokane Planner.
These significant cities' average housing costs are significantly greater than Spokane's. As a result, many more individuals are arriving with greater money to spend on housing, which impacts home sales in this area.
In essence, these 'tech refugees' are altering the city's economic dynamic. Spokane's long-term residents and the surrounding area will see their costs rise as more people move into our current market.
What can you do if you want to buy a Spokane home?
The most basic response to this question is to be prepared to spend more money. If you want to make an offer on the house, you may have to go well above the asking price.
If this isn't a possibility for you, consider relocating to a smaller town outside of the city center. Housing prices may have risen, but there are more opportunities to buy with less competition.
You might want to look into house hacking. You may be able to purchase a larger home or one that allows you to rent a room or area. This will help you pay down your mortgage and may allow you to buy a house you otherwise would not have been able to afford.
Spokane is going to continue to grow.
The housing market in Spokane is booming, and it doesn't appear to be slowing down anytime soon. If you can get into a home now, it might be worth it to do so and put some effort into it. If you wait too long, you may have to look for alternative solutions. In any case, the housing market will expand.
DISCLAIMER: Please keep in mind that I am neither a financial advisor nor a real estate agent. However, I have acquired a property in this rapidly developing area and have conducted substantial research into home-buying trends. Before making any decisions for you and your family, please visit a realtor or financial advisor.